How Can I Find The Best Mortgage Rate?

How can I find the best mortgage rate? Research to find the best home mortgage rate. "Really, the best way to find a good mortgage rate is to contact lenders directly," states Stephen Edwards of Waterfield...

"Really, the best way to find a good mortgage rate is to contact lenders directly," states Stephen Edwards of Waterfield Financial Company, the nation's largest privately

owned mortgage company. Homeowners looking for the best mortgage loan should visit lenders in person or talk to someone at the lender's office on the telephone.

Borrowers need to remember that a mortgage loan is a product that is being offered by several lenders. Therefore, prospective homeowners looking for a mortgage should be willing to shop around to find out what choices are available. Interest rates and terms may vary according to lender. The more research an individual does on mortgage loans, the more likely it is that he will find the best rate for his needs.

"You can visit the websites as well," Edwards reminds the borrower. Using the internet to research available mortgage rates will save the borrower a great deal of time and energy, as well as provide useful comparisons. "Almost every lender has a website now, but you have to make sure that the website allows for some kind of accustomed rate calculation," he says.

Edwards clarifies, "When I say an accustomed rate calculation, you can enter your approximate loan amount and the approximate value of your home." Providing this information allows the individual to acquire an approximate value for their mortgage rate and payment. This information narrows down the potential choices for the loan.

Trying to find the best possible mortgage rate requires a bit of common sense as well. Edwards cautions borrowers that, "The best thing to avoid is newspaper ads that give rates." Newspaper ads offering mortgage rates do not always provide all of the necessary information for the borrower. Occasionally, important information will be printed in the small print at the bottom of the advertisement. This information is often overlooked at first glance.

Likewise, Edwards cautions mortgage seekers to "avoid internet sites that give general generic rates. Generic rates are too vague to be of much use to anyone who is conducting a search for the best mortgage rate. General information can be a starting point, but beyond that, it isn't very helpful.

"There are lots of different things that can go into securing the exact rate," explains Edwards. Many factors need to be considered to determine the exact rate that will be offered to the potential borrower, such as, the term of the loan and the amount of money to be borrowed. "Different things like that can determine your best mortgage rate." Edwards also says that "the location some times has a lot to do with the exact interest rate."

"Many people think they can just find a lot of information," says Edwards, "without contacting anybody directly." Edwards notes that the borrower will need to provide personal information that will allow the lender to calculate costs and payments. He cautions, "However, this is not the case. When searching for the best mortgage rate, contact the lenders either by phone, in person, or on an internet website to get the best rate for you."